Planning an estate is not only about the person doing the planning, it is about protecting loved ones in the case of one’s demise. Although this may not be a pleasant occurrence to think about, estate administration planning can save loved ones from significant legal and financial problems in Maryland. A good estate plan ensures that the financial infrastructure that one has built for one’s family while alive will remain intact after the person’s death.
There are various financial and legal instruments available that will help ensure that a person’s family will be financially stable in the case of something unexpected happening. This may include medical insurance, disability insurance and life insurance. Making sure these policies are in place can secure valuable benefits that can keep one’s family financially afloat if one becomes incapacitated or dies. The insurance benefits may be essential if one is usually the primary income earner for the family.
One of the most important estate planning documents is a will. It is usually the first legal instrument in a person’s estate plan. However, approximately 70 percent of American adults do not have a proper will in place. This can be a problem, especially for parents of minor children, since a will enables parents to name intended guardians for their children.
Without these estate administration planning items in place, one’s family may be at risk in Maryland or elsewhere. This could result in minor children being left in difficult situations. It can also result in intended beneficiaries not being able to receive assets from one’s estate.
Source: North Bay Business Journal, “Financial author: Estate planning requires facing tough questions“, James Dunn, Oct. 6, 2014